Full-time Employee vs an Independent Contract Freelance Paralegal Cost Comparison
Want to save over $62,000 in business expenses this year? If you answered yes, read on …
A cost comparison for a full-time employee versus an Independent Contract Freelance Paralegal Service:
|COST COMPARISON||Full-time Employee||Virtual Assistant|
|Hourly Rate of Pay||$20.00||$30.00|
|Fringe Benefits @ 35% (Health/Dental/Life Insurance, Retirement Plans)||7.00||None|
|Overhead Rate @ 50% (Office Space, Equipment & Office Supply expense, UI Insurance, Worker's Compensation, Overtime Pay, Administration Costs)||$10.00||None|
|Total Effective Rate of Pay||$37.00||$30.00|
|**Hours Per Year||2,080 hrs.||480 hrs.|
|TOTAL Annual Labor Cost||$76,960.00||$14,400.00|
Difference = $62,560.00 per year
By hiring a Virtual Contract Freelance Paralegal...
You SAVE over $62,000.00 per year!
Although the Davis Legal Support’s Paralegal’s hourly rate is more than the employee’s rate in the first place, you save the cost of benefits and overhead that would have to be applied to the new employee’s wage. And, because Independent Contract Freelance Paralegal’s are usually more experienced, more efficient, and better connected than the employee, you’ll need to devote far less time to the project to get the same results, only 480 hours a year versus 2,080 for the new employee.